The Real Cost of Vintage Cars

Who doesn’t love a vintage car?

Whenever they drive down a road, all eyes are drawn towards them due to their unmistakable sense of style.

Vintage cars are often categorised as being built between 1919 and 1930, while usually the distinction of ‘classic’ cars applies to vehicles over 15 years old and cars made before 1905 are ‘antique’.

At Gino’s we are lovers of all types of cars, but as Gino’s owner Basil says “vintage cars are for the true car enthusiast, and require a completely different level of care and investment than normal vehicles”.

If you are a car enthusiast, you may be considering purchasing a vintage car to add to your car collection. However, before doing so, there are some key things to consider before purchasing.

 

Return on Investment

It may be easy to think that purchasing a vintage car would be a good investment. Buy it now, keep it in good condition and then sell it a few years on for a profit. Right? Well, maybe not. As with any investment, it is always difficult to guarantee what the market will pay for your car when it comes to a sale, or how many people will be willing to buy the car.

Vintage cars should be bought first and foremost for the love of the car. As is outlined below, there is extra work required with a vintage car compared to normal cars that need to be considered, and this work requires passion.

 

Research the Price

Vintage cars are always going to be more expensive than any normal car out there on the market, but that doesn’t mean that you should be paying through the nose for one. Make sure you’ve done all the research possible on what car you want and what the average price is on the market. But also, before you sign on the dotted line, determine if you are buying a pristine car or one that requires work as this is one of the key areas that effects the price.

 

Vintage Car Insurance

Most vintage cars are driven only occasionally and are carefully maintained, but that doesn’t mean that it doesn’t require comprehensive car insurance. A vintage car will need specific insurance designed to look after their specific requirements. Just make sure the policy is for “guaranteed” or “agreed” value, meaning that in the event of a total loss, you’re guaranteed to receive that amount.

 

Storage

When you buy a classic or vintage car, you can’t just park it in your driveway. It’s a fragile property and needs tender loving care. Your first priority should be to ensure that you have somewhere safe, secure and practical to store your vehicle.

Use it or lose it applies to your car, too. They need to be started up every so often, or the brakes will seize, the clutch will stick, and the engine will rust.

 

Repair and Restoration

When you buy a new car, it comes with a warranty, which is great for when you are trying to keep your costs under control. There is no such luxury when you buy a vintage car, and even if it has been beautifully restored, it could have some serious mechanical problems. Parts for vintage cars will also be more expensive as they are not as common and there are fewer mechanics that can be trusted to look after and service the car.

 

What to look for, beyond wear and tear

  • Ensure you thoroughly inspect the vintage car for rust, from front to back and under the bonnet. Even check inside the wheel arches and under the spare tyre! Rust is known for being cancer for cars, and any rust bigger than a 5 cent piece is a red flag.
  • Check the VIN number to see whether the car has been in any serious accidents, whether there is any money owing on the car or even whether the car has been stolen!
  • Ask about maintenance history- you want to buy a car that has been well loved.
  • If any aftermarket work has been carried out, ask for receipts and copy of warranties! Ensure that all work done is from reputable panel beaters.
  • Don’t chase perfection- a great vintage car will never be in perfect condition!

 

Owning a vintage car isn’t as easy as owning a regular vehicle, and have a lot of hidden costs associated. It certainly isn’t for everyone, and there are many more modern cars that offer similar thrills to older vehicles without as many financial drawbacks. However, if you are passionate about cars and willing to put in the time to maintain it, then it might just be for you!

PS: If you need to take your beautiful car to professionals who will understand the true passion of vintage car ownership, contact Gino’s Panel and Paint today.

2019-05-02T09:04:29+00:00April 4th, 2018|Hints & Tips, News|